Renewed buying interest in new crop was witnessed on the cotton market on Friday in the process of trading, dealers said. The official spot rate gave back overnight gains, losing Rs 100 to Rs 5200, dealers said. In the ready session, around 3000 bales of cotton finalised between Rs 4900 and Rs 5950, they said. Seed cotton prices in Sindh were at Rs 2300-2500 and in Punjab rates were at Rs 2500 and Rs 2600, they said.
Some analysts said that prices of new crop may stabilise on improved buying from mills and spinners. Cotton analyst, Naseem Usman said that nearly 10 factories in Sindh have started operation and in three in Punjab.
Reuters adds: ICE cotton futures jumped over one percent on Thursday as buying in grains and oilseeds spilled over into the niche fiber market, offsetting concerns about export sales for the upcoming season which starts in just over a month, traders said. Cotton contracts for December settled up by 0.79 cent on Thursday, a 1.2-percent gain, at 65.38 cents per pound. It traded within a range of 64.11 and 65.68 cents a pound.
The following deal reported, 800 bales of cotton from Kotri at Rs 4900-4950, 400 bales from Hyderabad at the same rate, same figure from Tando Adam at Rs 4925-4950, 800 bales from Shahdadpur at Rs 4900-4950 and 600 bales from Sanghar at Rs 4925-4050, they said.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
---------------------------------------------------------------------------
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 25.06.2015
===========================================================================
37.324 Kgs 5,200 150 5,350 5,450 -100
---------------------------------------------------------------------------
Equivalent
---------------------------------------------------------------------------
40 Kgs 5,573 160 5,733 5,840 +107
===========================================================================
Comments
Comments are closed.